Fireside Ventures' Kanwal Singh on the consumer-brands bet nobody believed in, why "for a 5x, nobody will call you legendary," and on refusing the one-100x-outlier game

11 snips

Jul 20, 2026

Kanwal Singh, founder of Fireside Ventures and builder of a consumer-focused VC in India. He recounts walking away from tech to back Indian consumer brands and raising capital from legacy brand families. He explains Fireside’s anti-power-law approach, ownership and follow-on design, and why brand-first quick commerce and India 1/2/3 segmentation shape their bets.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ANECDOTE

Setting Up Fireside From Personal Investments

Kanwal began Fireside as a family-office style vehicle after two years of personal angel investments in Licious, Epigamia, Paper Boat and Yoga Bar.
The name came from his desire to be a founder's close partner — cozy, mentor-like support around a fireside.

ADVICE

Raise From LPs Who Know Your Market

Raise a fund from LPs who understand and have skin in the sector rather than forcing global investors to adopt an unfamiliar thesis.
Kanwal targeted Indian consumer families because they appreciated the market nuance and were willing to learn with him.

INSIGHT

How Fund Size Shapes Ownership Targets

Early fund size dictated ownership strategy: 10% ownership was a constraint not design for Fund I, while Fund II moved to 20% to justify hands-on support.
Higher starting stakes let Fireside maintain meaningful ownership through follow-on rounds.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

1 · Summary

Part 1 of 2. Kanwal Singh is the first venture capitalist to appear on First Principles, and the reason is the bet he made with the fund itself. In 2017, at the peak of the tech boom, he walked away from tech investing to raise a fund only for Indian consumer brands, when almost nobody believed India had a consumer story worth venture capital. His first backers weren't institutions, they were the consumer families who had built India's brands. This half covers the whole bet: what investors actually said when he pitched a consumer-only fund, why he raised in India rather than abroad, the ownership and follow-on design he corrected fund after fund, his claim that most of his companies succeed rather than one outlier, and his working map of India 1, 2 and 3. Part 2 turns to the person behind it.

2 · Chapters

0:00 Cold open and Part 1 intro 3:27 What Fireside is, and why it exists 10:04 How the fund makes money 11:23 The stats: 9 years, 4 funds, 68 investments 12:50 Raising fund one: consumer families, not global institutions 17:14 Two years as a solo angel 25:51 Ownership by design, and the follow-on model 34:05 What "success" means, and the anti-power-law 36:56 The centre of excellence 45:40 The three breaks from the VC default, and India 1/2/3 53:47 Quick commerce is brand-first 57:54 Brand vs performance: Underneat, Truvi

3 · Pull-quotes

[0:20] "For a 5x, nobody will call you legendary."
[34:24] "We can build successful funds, fund after fund... not necessarily depending on those one or two outliers. Good news is we also have the outliers."
[40:26] "The answer lies in the question. It is hard."
[54:12] "The power of the brand is truly manifest in quick commerce."

4 · Frameworks & mental models

Anti-power-law investing: a portfolio where most companies clear "capital plus," not one built to live or die on a single outlier.
The three breaks from the VC default: consumer over tech, Indian consumer-family LPs over global institutions, one shared-credit team over lone-hero dealmakers.
India 1, 2, 3: his working map of where consumption grows, with India 2 needing products designed for it and India 3 reached through doorstep models.
Quick commerce is brand-first: scarce shelf space and a buy-not-browse shopper mean only brands with genuine pull survive.

This episode was produced by Rohin Dharmakumar and mixed and mastered by Rajiv CN.
Write to us at [email protected] with your feedback, suggestions, and guests you would want to see on First Principles.
If you enjoyed this episode, please help us spread the word by sharing and gifting it to your friends and family.